Thornton Theme Park has a defined benefit pension plan that covers all its full-time employees. The...

 

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Thornton Theme Park has a defined benefit pension plan that covers all its full-time employees. The following data are available for the pension plan at the end of 2019: Benefits paid to retirees in 2019 Actual negative return (loss) on plan assets for 2019 Fair value of plan assets, Dec. 31, 2018 Contributions to the pension fund at year-end 2019 Past service cost: from changes made in 2019 to the plan that increased pension benefits for service years prior to 2019. Actuarial revaluation: made at the end of 2019 that reduced pension liability because of a revision downward of retiree mortality rates. Long-term interest rate on high-quality, corporate bonds Defined benefit obligation, Dec. 31, 2018 Current service cost for 2019 1. Prepare all journal entries with respect to Thornton's pension plan for 2019 128,000 10,240 1,432,000 Plant assets: 41,000 98,800 139,200 $1,544,000 176,800 2. Calculate the defined benefit obligation and fair value of plan assets at the end of 2019. Defined benefit obligation: Thornton Theme Park has a defined benefit pension plan that covers all its full-time employees. The following data are available for the pension plan at the end of 2019: Benefits paid to retirees in 2019 Actual negative return (loss) on plan assets for 2019 Fair value of plan assets, Dec. 31, 2018 Contributions to the pension fund at year-end 2019 Past service cost: from changes made in 2019 to the plan that increased pension benefits for service years prior to 2019. Actuarial revaluation: made at the end of 2019 that reduced pension liability because of a revision downward of retiree mortality rates. Long-term interest rate on high-quality, corporate bonds Defined benefit obligation, Dec. 31, 2018 Current service cost for 2019 1. Prepare all journal entries with respect to Thornton's pension plan for 2019 128,000 10,240 1,432,000 Plant assets: 41,000 98,800 139,200 $1,544,000 176,800 2. Calculate the defined benefit obligation and fair value of plan assets at the end of 2019. Defined benefit obligation:

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1 The journal entries for Thorntons pension plan for 2019 would be as follows Benefits pai... View the full answer